Look out, Etsy! There is a new handmade tea cozy in town.
On Thursday, Amazon announced its new site and service “Handmade at Amazon“, a new handcraft marketplace.
It will feature more than 80,000 items, from all 50 states and 60 countries to start, Vice president for Amazon Marketplace Peter Faricy said.
The stock market also took note.
Shares of Etsy slid further Friday after sinking 4% Thursday when Amazon made its announcement.
Whoa! Etsy has dominated this market for 10 years now so it comes as no surprise to see another company try to chip away at their market dominance.
Etsy’s CEO Chad Dickerson released a statement in response to the new completion from such a major ecommer ce giant:
We believe we are the best platform for creative entrepreneurs, empowering them to succeed on their own terms. Etsy has a decade of experience understanding the needs of artists and sellers and supporting them in ways that no other marketplace can. Our platform attracts 21+ million thoughtful consumers seeking to discover unique goods, and build relationships with the people who make and sell them.
Well then. It’s on! Competition is good, right?
